Oman Hotels and Tourism Company said that its Extraordinary General Meeting on Sunday approved to sell assets and business of Al Falaj Hotel to Aitken Spence Resorts (Middle East) for RO 14 Million.
Oman & Emirates Investment Holding Company owns 31.2 per cent in Oman Hotels and Tourism Company and it’s an associate company. As per the details available, Al Falaj Hotel was managed by the Aitken Spence Hotels portfolio and is located in the heart of Muscat with easy access to both the business district as well as tourist attractions. The Muscat hotel is a 35 km drive from the Muscat International Airport.
The four-star property offers 140 furnished bedrooms and suites. Oman Hotels and Tourism Company had informed the Muscat Securities Market (MSM) in October that it has received a non-binding offer for the acquisition of the assets and business of Al Falaj Hotel in Ruwi for RO 14 million. The statement said that the offer is subject to the legal and financial due diligence by the prospective acquirer.
Aitken Spence is a Sri Lankan conglomerate with operations in South Asia, the Middle East, Africa and the Pacific. It has major interests in hotels, travel, maritime services and logistics. Oman Hotels and Tourism is a joint stock company engaged in the hospitality and tourism business. The company has the ownership and operation of Ruwi Hotel, Al Falaj Hotel and Al Wadi Hotel in Oman, as well as manages outside restaurants.
As of December 31, 2011, the company’s subsidiaries and associated companies included 99.92 per cent in Al Sharqiyah Hotels & Tourism Company, which is engaged in the ownership and operation of Sur Plaza Hotel; wholly owned Desert Camp, engaged in the Ownership and operation of Desert Camp, and 20.44-owned United Finance Company engaged in the financing activities.
In the company’s unaudited earnings results for the Q2 ended on June 30, 2015, total revenue was RO 3,430,000 against RO 3,987,000 a year ago, while the net profit was RO 1,433,000 against RO 1,368,000 a year ago. The net profit after tax was RO 1,371,000 against RO 1,276,000 a year ago.